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Keyword: oil

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  • ‘Welcome Back Carter’ ( Destroying good paying jobs and )

    02/12/2016 12:06:40 PM PST · by george76 · 4 replies
    Washington Times ^ | January 31, 2016 | William Perry Pendley
    Obama on federal coal mining is a throwback to Carter administration failings. resident Obama's plot to use the National Environmental Policy Act (NEPA) to kill federal coal mining with a thousand paper cuts is not the first time he has used NEPA to try to end energy development. Disturbingly, his scheme is a throwback to President Carter and a decade-long moratorium that ended only when President Reagan took office. Meanwhile millions of Americans, vast regions and the nation's economy will suffer. In 2009, the Obama administration settled a "sweetheart lawsuit" by environmental groups by agreeing to a NEPA study on...
  • Reagan Era Energy Lessee Files Brief: No Right to Cancel Its Lease ( BLM : Montana )

    02/12/2016 11:42:32 AM PST · by george76 · 7 replies
    Fairfield Sun Times ^ | February 2, 2016
    A Louisiana man issued a federal oil and gas lease in 1982, but denied the right to explore his property since approval of his application for permit to drill (APD) in 1985, recently responded formally to a brief filed by the United States government in which it argued that it has authority to cancel his lease and will cancel his lease as soon as its proposed schedule for doing so is approved by the federal court. Mountain States Legal Foundation (MSLF) represents Sidney Longwell of Baton Rouge, whose company Solenex, LLC owns the Reagan-era lease, and which sued Secretary of...
  • Oil crash taking stocks down ... again

    02/11/2016 9:57:35 AM PST · by Signalman · 18 replies
    cnnmoney ^ | 2/11/2016 | Charles Riley
    U.S. crude futures dropped as much as 5% on Thursday, driving prices below $27 for the second time in recent weeks. Before this year, oil prices hadn't dipped below $27 since 2003. The steady decline is creating a widespread headache for financial markets. It's causing energy companies' profits to plunge, raising worries about the prospect of bankruptcies in the oil sector and spooking investors about global growth. In total, crude oil has plunged an incredible 75% from its June 2014 peak of almost $108. U.S. stock markets followed by declining sharply. The Dow fell as much as 350 points and...
  • ISIS Forced To Cut Wages As Oil Revenues Tank

    02/11/2016 8:37:50 AM PST · by bananaman22 · 17 replies
    Oilprice.com ^ | 10/02/2016 | Oilprice
    Leaked documents purport to show that the Islamic State (ISIS) is cutting the salaries of its foreign fighters as low oil prices and continued air strikes on terrorist-controlled oil targets hit back with a monetary jihad. The documents—which are said to have been leaked by the ISIS ‘treasury department’, or the Bayt Mal al-Muslimeen—state that foreign-fighter salaries in Syria have been reduced 50 percent due to “exceptional circumstances,” including continued air strikes of Syria-based ISIS oil operations and low oil prices.
  • OPEC Will Not Blink First

    02/10/2016 2:56:09 PM PST · by bananaman22 · 11 replies
    Oilprice.com ^ | 10/02/2016 | Oilprice
    An OPEC production cut is unlikely until U.S. production declines by about another million barrels per day (mmbpd). OPEC won’t cut because it would accomplish nothing beyond a short-term increase in price. Carefully placed comments by OPEC and Russian oil ministers about the possibility of production cuts achieve almost the same price increase as an actual cut. Bad News About The Oil Over-Supply from IEA and EIA The International Energy Agency (IEA) and U.S. Energy Information Administration (EIA) shook the markets yesterday with news that the world’s over-supply of oil has gotten worse rather than better in recent months. IEA...
  • OPEC Will Not Blink First

    02/10/2016 10:58:26 AM PST · by bananaman22 · 6 replies
    Oilprice.com ^ | 10-02-2016 | kale poes
    An OPEC production cut is unlikely until U.S. production declines by about another million barrels per day (mmbpd). OPEC won’t cut because it would accomplish nothing beyond a short-term increase in price. Carefully placed comments by OPEC and Russian oil ministers about the possibility of production cuts achieve almost the same price increase as an actual cut.
  • Low gas prices signal economic downturn elsewhere

    02/08/2016 10:41:41 PM PST · by george76 · 64 replies
    WLS-TV ^ | February 08, 2016 | Laura Thoren
    Gas prices in Chicago are still falling, but the price at the pump is having a negative impact on the economy. ... as the cost to fill up your tank goes down, could this also be a sign -- the economy is tanking? Commodities trader Scott Shellady thinks so. "It's bad for everybody. We are going to lose one-fifth of the jobs we created in 2008," said Shellady. And he doesn't expect a market rebound anytime soon. So if you were hoping to cash in your 401K or IRA and retire in the next year, Shellady says, rethink your plans....
  • Who Would Be The Best Presidential Candidate For Energy Companies?

    02/08/2016 4:02:20 PM PST · by bananaman22 · 6 replies
    Oilprice.com ^ | 08-02-2016 | Oil and Energy
    As the 2016 presidential race starts to heat up it is time to take a look at the remaining serious candidates and what each one might mean for energy policies and energy companies in the U.S. While a lot can happen in the next couple of months, the current leaders for the Republican Party are Donald Trump, Ted Cruz, and Marco Rubio. For the Democrats, the race will likely come down to a long brawl between Hillary Clinton and Bernie Sanders. As a bonus, it’s also worth looking at what Michael Bloomberg might do for energy if he enters the...
  • Why fuel prices will stay low for the next decade

    02/08/2016 12:22:58 PM PST · by nascarnation · 29 replies
    Autoblog ^ | 2/8/16 | Chris Bruce
    The top exec at an oil trading company thinks the era of crude trading at over $100 a barrel might never return, and the stuff could remain between $40 and $60 for as long as the next 10 years. "You have to believe that there is a possibility that you will not necessarily go back above $100, you know, ever," Ian Taylor, Chief Executive Officer of Vitol Group BV, told Bloomberg. His company is the world's largest independent oil trader. Instead of any significant increase or decrease, the exec believes crude could hit $45 to $50 a barrel in the...
  • Oil-rich Venezuela is now importing U.S. oil

    02/07/2016 6:36:37 PM PST · by doldrumsforgop · 36 replies
    cnn money ^ | 2/3/16 | Patrick Gillespie
    Venezuela has more oil than any other country on the planet. But it just bought a bunch of American crude. A ship carrying half a million barrels of oil that was pumped in the U.S. docked at a terminal owned by Venezuela last week, according to oil data research firm ClipperData. The shipment was sent to a facility located on the Dutch island of Curacao in the Caribbean. The fact that Venezuela is importing American oil is raising eyebrows because Venezuela has 298 billion barrels of proven oil reserves, according to the Energy Information Administration. That's more than Saudi Arabia,...
  • THE JACKI DAILY Show! Listen live at 2PM Eastern!

    02/07/2016 10:16:40 AM PST · by RaceBannon · 1 replies
    The Jacki Daily Show ^ | 2/7/16 | The Jacki Daily Show
    THE JACKI DAILY Show! Listen live at 2PM Eastern! Now playing also on station KWEL in Midland-Odessa! The host of the Jacki Daily show has had an impressive career in energy, law, and politics.Most recently, Jacki served as General Counsel to an engineering firm specializing in energy, national security and environmental cleanup. Previously, she served many years as legal counsel on Capitol Hill to the Chairman of the Subcommittee on the Constitution and the former Ranking Member of the Commercial and Administrative Law Subcommittee, advising on the oversight of federal agencies. Prior to her career in Washington, she worked as...
  • Exclusive: Iran wants euro payment for new and outstanding oil sales - source

    02/07/2016 9:36:26 AM PST · by BenLurkin · 22 replies
    rueters ^ | 02/05/2016 | Nidhi Verma
    Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month's sanctions relief. A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total, Spanish refiner Cepsa and Litasco, the trading arm of Russia's Lukoil. "In our invoices we mention a clause that buyers of our oil...
  • Obama to propose $10-a-barrel oil tax

    02/05/2016 4:28:38 PM PST · by 2ndDivisionVet · 46 replies
    The Politico ^ | February 4, 2016 | Michael Grunwald
    President Barack Obama is about to unveil an ambitious plan for a "21st century clean transportation system." And he hopes to fund it with a tax on oil. Obama aides told POLITICO that when he releases his final budget request next week, the president will propose more than $300 billion worth of investments over the next decade in mass transit, high-speed rail, self-driving cars, and other transportation approaches designed to reduce carbon emissions and congestion. To pay for it all, Obama will call for a $10 "fee" on every barrel of oil, a surcharge that would be paid by oil...
  • Obama Proposes $10 Tax On Each Barrel Of Oil

    02/05/2016 9:54:42 AM PST · by bananaman22 · 48 replies
    Oilprice.com ^ | 05-02-2016 | Barnie
    The Obama administration will reportedly unveil a proposal next week that would place a $10 tax on each barrel of oil produced in the United States. The proposal is part of the President’s budget for fiscal year 2017. The $10 oil tax would raise an estimated $32 billion, and the money would be used to fund an ambitious program of investments in clean energy, mass transit, high-speed rail, self-driving cars, light rail, subways, buses, and much more. The investments could total $300 billion in new spending. The proposal would help bring America’s infrastructure into the 21st century, and provide “a...
  • Utah files lawsuit claiming feds' sage grouse conservation strategy is unlawful

    02/04/2016 7:02:30 PM PST · by george76 · 23 replies
    Deseret News ^ | Feb. 4 2016 | Ben Lockhart
    The Utah Attorney General's Office filed a lawsuit Thursday against the Department of the Interior and Department of Agriculture, claiming the agencies' strategy to disallow new mining on or near greater sage grouse habitats is a breach of "numerous federal laws and regulations." The lawsuit in U.S. District Court seeks an order voiding the federal government's land-use plan amendments submitted last year that would directly prohibit new hard rock mining on 233,300 acres in Utah. "The state of Utah claims that the 2015 federal plan amendments disregarded the hallmark of federal land management -- multiple use and sustained yield --...
  • Mining on 10 Million Acres in Six States Impacted by BLMs Proposed Withdrawal ( sage-grouse )

    10/10/2015 6:09:16 PM PDT · by george76 · 17 replies
    Western Mining Alliance ^ | October 9, 2015 | mucker
    On September 24, 2015, the federal Bureau of Land Management (BLM) published a Notice of Proposed Withdrawal (BLM notice), proposing to withdraw from mineral location and entry federal lands identified as sagebrush focal areas in Idaho, Montana, Nevada, Oregon, Utah, and Wyoming. The BLM notice commences a two-year temporary segregation period, prohibiting location and entry of new mining claims on BLM and U.S. Forest Service lands in these sagebrush focal areas. If the BLM decides to withdraw the area at the end of the segregation period, the withdrawal will last up to 20 years, but could be extended in the...
  • Why U.S. Shale Is Not Capitulating Yet

    02/04/2016 3:39:20 PM PST · by bananaman22 · 16 replies
    Oilprice.com ^ | 04-02-2016 | zero
    According to a report by the Bloomberg Intelligence analysts William Foiles and Andrew Cosgrove, Saudi Arabia may have its work cut out for it as it will be far harder to kill many U.S. E&Ps than analysts originally thought. The reason: a break-even model for the Permian Basin and Eagle Ford shows that oil production across five plays in Texas and New Mexico may remain profitable even when WTI prices fall below $30 a barrel, according to a 55-variable Bloomberg Intelligence model for horizontal oil wells. The Eagle Ford's DeWitt County has the lowest break-even, at $22.52, followed by Reeves...
  • Obama to propose $10 per barrel fee on oil

    02/04/2016 12:41:35 PM PST · by GreaterSwiss · 181 replies
    CNBC ^ | 2/4/2016 | Jacob Pramuk
    President Barack Obama will propose a $10 per barrel charge on oil to fund clean transportation projects as part of his final budget request next week, the White House said Thursday. The proposal would have difficulty clearing the Republican-controlled Congress. Oil companies would pay the fee, which would be gradually introduced over five years. The government would use the proceeds to fund high-speed railways, autonomous cars and other travel systems. "By placing a fee on oil, the President's plan creates a clear incentive for private sector innovation to reduce our reliance on oil and at the same time invests in...
  • Cattle Deaths Spark Renewed Oil Drilling Controversy

    02/04/2016 8:06:56 AM PST · by bananaman22 · 19 replies
    Oilprice.com ^ | 04-02-2016 | Juli
    Following the mysterious death of seven cattle near an oil field in Kansas, public health authorities are investigating whether oil drilling could be the cause. In late December, seven dead cattle were found near an oil field in the Cimarron National Grassland, Kansas, and authorities believe that cows inhaled something toxic, prompting them to deny public access to the 2,500-acre Cimarron National Grassland until at least May. Six of the cattle were discovered together in a low-lying area, while a seventh was found a short distance away, with local veterinarians identifying the ingestion or inhalation of something toxic leading to...
  • Oil Drilling Off U.S. East Coast Under Attack from Environmentalists

    02/03/2016 6:47:12 PM PST · by rockinqsranch · 6 replies
    gcaptain/Bloomberg ^ | Feb. 3, 2016 | Jennifer A. Dlouhy
    Bloomberg article at gcaptain.
  • Japan And Iran Could Keep a Lid On Oil Price Rally

    02/03/2016 2:39:21 PM PST · by bananaman22 · 4 replies
    Oilprice.com ^ | 03-02-2016 | Zubi
    Last week West Texas Intermediate rallied 4.62 percent and was up for the second week in a row. It is important to note that the price trend is still clearly negative. Recent history suggests that WTI might form a consolidation band between $30-$40 (spending the most time between $30-$35) for 3-5 months before dropping again. (..) Oil markets partially rose on the rumor of Russia and OPEC meeting to cut production, but the quickly-downplayed rumor wasn’t enough to lift WTI above a $34 close last Friday afternoon. In the presence of sluggish demand and a persisting supply glut, global oil...
  • Iraq's about to plunge off a fiscal cliff — and the consequences could be dire

    02/03/2016 1:21:55 PM PST · by Lorianne · 14 replies
    Business Insider ^ | 02 February 2016 | Armin Rosen
    According to a Monday AFP report, Iraq is now selling oil at half of the country's apparent fiscal break-even price. Right now, Iraq is selling its oil at around $22 a barrel, half of what it would need to fetch for the country to be able to fund the upcoming year of government budgetary obligations, the report said.
  • Oil crash could kill Exxon's perfect AAA rating

    02/03/2016 12:57:04 PM PST · by Lorianne · 3 replies
    CNN ^ | 02 February 2016 | Matt Egan
    Only three American companies can brag of a higher credit rating than the United States government: ExxonMobil, Microsoft and Johnson & Johnson. Soon that elite group could shrink to just two. Standard & Poor's threatened on Tuesday to strip Exxon (XOM) of its perfect AAA credit rating. The ratings company placed Exxon on a negative credit watch, warning the oil giant's credit measures will remain "weak" through 2018 due to the dramatic plunge in oil prices. The world's largest publicly-traded oil company, Exxon could lose its AAA status within the next 90 days, S&P said. In addition to Exxon, S&P...
  • Fundamentals For Oil Still Bearish, But Sentiment Is Shifting

    02/03/2016 1:11:36 PM PST · by bananaman22 · 4 replies
    Oilprice.com ^ | 03-02-2016 | esmionoestuyo
    Oil speculators spent the latter half of 2015 with an incredibly pessimistic view of the trajectory for oil prices. Speculators piled into short positions, pushing net-shorts to multiyear highs. But speculators are at a bit of a crossroads at this point. With oil down to $30 and below, a growing number of hedge funds and other major investors are starting to wonder whether or not the selloff has gone too far. To be sure, oil markets are still suffering from too much supply, but with so much production around the world unprofitable at today’s prices, a rally will have to...
  • Dow jumps 150 as oil surges 8 pct

    02/03/2016 11:48:47 AM PST · by Citizen Zed · 10 replies
    cnbc ^ | 2-3-2016 | Fred Imbert
    U.S. stocks attempted a massive comeback on Wednesday as oil prices recovered. West Texas Intermediate gained about 8 percent higher in choppy trade after the Energy Information Administration said U.S. inventories rose by 7.8 million barrels last week. Crude prices briefly erased gains following the data release, but surged on a weaker dollar. The dollar traded 1.77 percent lower against a basket of currencies, with the euro gaining 1.5 percent against the greenback, as weak U.S. services data suggested another Federal Reserve rate hike seems more unlikely. "I ... believe oil will dictate stock prices," said Peter Cardillo, chief market...
  • BP to cut Alaska workforce by 13%

    02/03/2016 5:41:33 AM PST · by thackney · 8 replies
    Alaska Journal of Commerce ^ | 01/13/2016 | Elwood Brehmer
    BP is cutting 4,000 jobs worldwide and some of those reductions will be in Alaska. An intra-company email obtained by the Journal sent to BP Alaska employees Jan. 12 states that the company plans to reduce its total in state workforce by 13 percent. All employees should know their status by early spring and the majority of layoffs will be conducted by mid-year, according to the email. BP directly employs about 2,100 people and has another 6,000 contract workers in Alaska, based on the company's 2015 Alaska Hire report. The 13 percent reduction will come from the company's direct employees,...
  • Islamic State terrorists threaten oil wealth in Libya

    02/03/2016 5:32:47 AM PST · by thackney · 1 replies
    Trib Live ^ | Feb. 2, 2016 | WIRE REPORTS
    The Islamic State threatens to seize Libyan oil refineries -- and gain a major new revenue source -- as the terror group expands its presence in the war-torn country. Islamic State fighters have pushed toward critical port facilities near their Libyan stronghold of Sirte, according to a senior State Department official who was not authorized to talk publicly about the issue and asked not to be named. Secretary of State John Kerry said Tuesday that the United States and its allies have made progress against the Islamic State in parts of Iraq and Syria but are concerned the terrorist group...
  • S&P takes aim at energy companies

    02/03/2016 5:21:05 AM PST · by thackney
    Fuel Fix ^ | February 2, 2016 | Robert Grattan
    Standard and Poor's said Tuesday it had cut or was considering cutting the investment-grade credit ratings at 20 oil and gas giants, including Chevron Corp. and Exxon Mobil Corp. The ratings actions, which spanned integrated and independent producers, are an acknowledgement that $30 oil could shake the credit worthiness of even the largest oil and gas companies. Chevron's credit rating was cut one notch from AA to AA-. Exxon Mobil, which remains at the agency's highest credit rating of AAA, was put on notice its long-term credit rating was up for review. "We anticipate Chevron will significantly outspend internally generated...
  • BP makes record loss and axes 7,000 jobs

    02/02/2016 1:10:01 PM PST · by Lorianne · 20 replies
    Guardian UK ^ | 02 February 2016 | Terry Macalister
    BP is to axe another 7,000 jobs after reporting an annual loss of $6.5bn (£4.5bn), the worst in its history. Shares in the oil company dived 8.6% to 335p by the end of trading on Tuesday, wiping almost £6bn off the stock market value of the business, and helped drag down the wider FTSE 100 index of leading shares in London. The poor financial performance of BP, followed by a 68% fall in quarterly profits from rival Exxon Mobil in the US and further weakness in the price of crude, depressed stock markets on both sides of the Atlantic on...
  • Oil-Price Poker: Why the Saudis Won’t Fold ‘Em

    02/02/2016 9:08:36 AM PST · by DUMBGRUNT · 8 replies
    Wall Street Journal ^ | 31 jan 2016 | SPENCER JAKAB
    Don’t underestimate the impact of Middle East politics... The game being played in the global oil market today bears more than a passing resemblance to poker. Nobody wants to quit while they’re losing... Russia, meanwhile, is pumping the most crude ever, hitting a post-Soviet Union peak. But it may have difficulty maintaining today’s pace given a lack of investment in its aging Siberian fields... In other words, Russia is holding weak cards and the Saudis know it... The newest players at the table are U.S. shale producers. They helped the U.S. to increase output by 80% between 2008 and 2014...
  • Gas Drops Below $1.50 in Some Areas, and We Haven't Hit Bottom Yet

    02/02/2016 7:28:32 AM PST · by thackney · 49 replies
    NBC News ^ | FEB 2 2016 | MARTHA C. WHITE
    American drivers are now enjoying gasoline prices that haven't been this low since January 2009. Data from the AAA shows that the average annual price for a gallon of gas has been below $2 a gallon for about a month now. Just within the past week, the national average gas price ticked below $1.80 for a gallon of regular gas, a drop of 20 cents just since the beginning of 2016. "I think you have probably another three to four weeks of prices in this area - I think we could drop another nickel or so," said Denton Cinquegrana, chief...
  • Russian air strikes are targeting CIVILIAN oil tankers and allowing ISIS (truncated)

    02/02/2016 7:47:35 AM PST · by BeadCounter · 17 replies
    London Daily Mail ^ | 2 February 2016 | By Gianluca Mezzofiore For Mailonline
    Russian warplanes in Syria are targeting civilian oil refineries and trucks while deliberately ignoring ISIS facilities to allow the extremist group to continue its oil trade with the Assad regime, local activists claim. Citizen journalists from the Raqqa Is Being Slaughtered Silently group claimed Russia's airstrikes are aimed at destroying local oil facilities which are mostly owned by the local population 'and have no direct links with ISIS'. Oil trucks that move between the ISIS-held cities of Deir Ezzor and Raqqa, owned by civilians, are also targeted by Russian jets.
  • Exxon's profit tumbles 58 percent, slashes capex by one-quarter

    02/02/2016 6:40:42 AM PST · by Citizen Zed · 4 replies
    Reuters ^ | 2-2-2016 | ANNA DRIVER
    Exxon Mobil Corp (XOM.N) on Tuesday reported its smallest quarterly profit in more than a decade and said it will cut 2015 spending by one-quarter and suspend share repurchases as it copes with a prolonged downturn in crude prices. Shares of Exxon, the world's largest publicly traded oil company, fell 2.2 percent in premarket trading to $74.59, hit by a more than 4 percent slide in the price of crude oil. Crude oil prices have dropped about 70 percent from the 2014 high over $100 barrel. Current prices at around $30 barrel have triggered a wave of spending cuts as...
  • Harold Hamm Expects $60 Oil, Says America Will Double Output Again

    02/02/2016 5:28:04 AM PST · by thackney · 26 replies
    Forbes ^ | FEB 1, 2016 | Christopher Helman
    ...Hamm announced that Continental would slash its 2016 capital spending to $920 million -- a 66% cut from last year's level. His objective is for Continental to live within its cash flow for the first time in years. Assuming an average oil price of $40 a barrel, Continental expects its new plan to generate excess cash flow of $100 million in 2016. "Some people didn't pull back as fast as they should have," says Hamm. "They are pulling back now." Hamm's move represents capitulation of a sort. In late 2014 he decided to sell off all of Continental's oil price...
  • Fears of Venezuela Default Grow Amid Drop in Oil Prices

    02/02/2016 5:22:49 AM PST · by thackney · 21 replies
    Wall Street Journal ^ | Jan. 21, 2016 | SARA SCHAEFER MUÑOZ and ANATOLY KURMANAEV
    The plunge in the price of oil is causing more investors to bet that Venezuela will default on its $120 billion pile of foreign debt, an event that would trigger a messy battle over the country's oil shipments and deepen its economic and political crisis. Despite Venezuela's worst economic slump since independence from Spain, the socialist government has continued to pay bondholders on time. President Nicolás Maduro this week reiterated the country's intention to honor its debt. Few investors doubt Venezuela's willingness to pay. In recent years, it has paid bondholders partly by drastically reducing the amount of dollars it...
  • US oil & gas sector: things to get worse before they get better

    02/02/2016 5:02:46 AM PST · by thackney · 3 replies
    Fuel Fix ^ | February 1, 2016 | Matt Smith
    Today is Harry Styles' 22nd birthday, and accordingly the crude complex is heading in one direction. (Down). We burst into February today, and get hit by a wave of global manufacturing numbers, as well as the ongoing debate re 'will-they-won't-they' cut production. (they won't). China kicked things off overnight, setting a cautious tone with its worst official manufacturing print since August 2012. The Caixin manufacturing release also showed ongoing contraction from the sector, but in contrast was better than consensus. Eurozone manufacturing was in line with consensus, boosted by Germany and Spain, held back by Italy and France. Japan was...
  • This Could Be A Big Setback For Iran’s Oil Export Plans

    02/01/2016 11:42:48 AM PST · by bananaman22 · 4 replies
    Oilprice.com ^ | 01-02-2016 | Fred
    Short but potentially very important note for the oil market over the weekend. From a place that’s been one of the major focus points for the petroleum industry lately. That’s Iran. Where the threat of rising oil exports has been weighing on crude prices now that Western sanctions against the former “rogue” nation are being lifted. That has led many analysts to conclude that supplies from Iran could ramp up fast over the coming months. But events this past Saturday suggest it may not be quite that easy.
  • The Jacki Daily Show! Live at 2PM

    01/31/2016 9:53:21 AM PST · by RaceBannon · 1 replies
    The Jacki Daily Show ^ | 1/31/16 | The Jacki Daily Show
    The host of the Jacki Daily show has had an impressive career in energy, law, and politics. Most recently, Jacki served as General Counsel to an engineering firm specializing in energy, national security and environmental cleanup. Previously, she served many years as legal counsel on Capitol Hill to the Chairman of the Subcommittee on the Constitution and the former Ranking Member of the Commercial and Administrative Law Subcommittee, advising on the oversight of federal agencies. Prior to her career in Washington, she worked as a corporate litigator, and as an Assistant Vice President for a national bank. She entered...
  • Chevron delays big projects, plows the Permian Basin

    01/31/2016 7:56:24 AM PST · by thackney · 2 replies
    Fuel Fix ^ | January 29, 2016 | Collin Eaton
    The CEO of Chevron Corp. said his company recently mothballed a $500 million ultra deep-water Gulf of Mexico development not because the oil reservoir was too small to develop - but because it had better places to spend its money. Namely, the Permian Basin in West Texas. "There are tough choices being made," Chevron CEO John Watson told investors on Friday, after the San Ramon, California oil giant posted its first quarterly loss since 2002. The $588 million loss - worse than analysts had expected - was driven by a series of special charges in the fourth quarter, including Chevron's...
  • After 40-year ban, U.S. starts exporting crude oil

    01/31/2016 3:19:31 AM PST · by Enlightened1 · 46 replies
    CNN ^ | 01/29/16 | Matt Egan
    America is wasting little time getting back into the oil exporting business. Just weeks after Congress lifted a 40-year ban on exporting oil, the first shipments of the black stuff left U.S. ports for Europe. The first freely-traded shipments of U.S. crude are symbolic of the country's newfound role as a leading producer of oil. America's entry into the world market can also be viewed with relief by those worried about potential supply disruptions. After all, many big oil producers are located in volatile parts of the world susceptible to geopolitical shocks. "The fact that producers have free access to...
  • Erdogan, Salman and the Coming ‘Sunni’ War for Oil [lib POV]

    01/30/2016 6:49:25 AM PST · by huldah1776 · 7 replies
    New Eastern Outlook ^ | Dec 22, 2015 | F. William Engdahl
    We're about to be plunged into a new oil war in the Middle East, this one with a possible nuclear dimension. Wars for control of oil have been instigated for more than a century since the dawn of the petroleum era around the time of the First World War. This war for control of oil, however, promises to be of a scale that will change world politics in a spectacular and highly destructive manner. It is on one level, a Saudi war to redraw the national borders of the infamous Anglo-French Sykes-Picot carve-up of the bankrupt Ottoman Turkish Empire of...
  • UK announces help for struggling North Sea oil industry

    01/29/2016 4:27:11 AM PST · by thackney · 6 replies
    Yahoo News ^ | 1/28/2016 | AFP
    Britain announced Thursday a L250 million (325 million euro, $350 million) package of funding to boost the oil industry in northeast Scotland, which has been hit hard by slumping prices. Prime Minister David Cameron visited the oil city of Aberdeen and met industry bosses for talks on the current situation. "Obviously it's a difficult time for the oil industry because of the oil price decline, but what this shows is that the British government is 100% behind this industry, behind Aberdeen, behind Scotland," Cameron said. "We want to see this port expand, we want to see an energy innovation centre,...
  • This oil producing country may need a bailout

    01/29/2016 4:13:44 AM PST · by thackney · 7 replies
    CNN Money ^ | January 28, 2016 | Ivana Kottasova and John Defterios
    Azerbaijan's decade-long boom is well and truly over. The oil producing central Asian country has been slammed by the oil price crash and is now considering asking for an international bailout. Experts from the International Monetary Fund arrived in the capital Baku on Thursday to find out just how bad the situation has become. "The team will discuss areas for technical assistance and assess possible financing needs," an IMF spokesperson told CNN. A senior Azerbaijani official told CNN the government is thinking about an emergency loan of $4 billion to help it cope with the collapse in global crude oil...
  • Turmoil in the Oil Patch Is Hitting U.S. GDP Growth

    01/29/2016 4:08:11 AM PST · by thackney · 17 replies
    Wall Street Journal ^ | Jan 28, 2016 | LISA BEILFUSS
    The tumble in oil prices is set to take another bite out of overall U.S. economic output. The overall energy sector accounts for just about 4% of inflation-adjusted gross domestic product when adding up contributions from four areas: utilities; oil and gas extraction; petroleum and coal products; and pipeline transportation, and it represents just 1.5% of employment, according to estimates by Deutsche Bank chief U.S. economist Joseph LaVorgna. Given that small slice, many analysts and traders have assumed sharply lower energy-related capital spending isn't a big threat to the broader economy. But the turmoil could weigh on GDP more than...
  • Donald Trump Now in Twitter Battle With Prince of Saudi Arabia For Retweeting Fake Photo

    01/28/2016 6:30:28 PM PST · by Kaslin · 138 replies
    Townhall.com ^ | January 28, 2016 | Katie Pavlich
    Earlier today GOP presidential candidate Donald Trump retweeted an obviously fake photo featuring a woman in a burqa, Fox News anchor Megyn Kelly and Saudi Prince Al-Waleed Talal. Prince Talal noticed and issued a response. It's not clear what bailouts Talal is referring to, but this certainly is a rocky start to diplomatic relations should Trump win the White House. This isn't the first time the two have feuded. In the past, Trump referred to Talal as a "dopey" prince. Prince Talal noticed and issued a response. It's not clear what bailouts Talal is referring to, but this certainly is...
  • 9 Billion Barrels Of Crude At Risk In Massive Nigerian Oil Shakeup

    01/28/2016 3:43:27 PM PST · by bananaman22 · 13 replies
    Oilprice.com ^ | 28-01-2016 | Geiger
    Supermajors Shell and Italian Eni could be facing the loss of one of the biggest offshore oil exploration blocks in Nigeria, putting an estimated 9 billion barrels of crude oil at risk. As the new Nigerian government launches a rampaging anticorruption campaign, local media are reporting government recommendations to reclaim block OPL 245 from oil giants Shell and Eni. Nigerian Justice Minister and Attorney General Abubakar Malami is behind the recommendation, and is a key figure advising the government on the case. At issue is how Shell and Eni landed the block in the first place—a controversial deal that is...
  • Sanctions And Low Oil Prices Deepen Russian Recession

    01/28/2016 2:16:36 PM PST · by familyop · 10 replies
    OilPrice.com ^ | 26 January 2016 | Andy Tully
    The Russian economy's heavy reliance on energy, plus Western sanctions imposed because of Moscow's role in the Ukraine conflict, have left the country in its worst financial position since the depths of the global financial crisis eight years ago...About half of Russia's annual budget relies on revenues from its prodigious production of oil and gas,...
  • Baker Hughes loses $1 billion in the fourth quarter

    01/28/2016 12:46:50 PM PST · by thackney · 6 replies
    Fuel Fix ^ | January 28, 2016 | Rhiannon Meyers
    Oil field services company Baker Hughes posted a $1 billion loss during the fourth quarter of 2015, suffering from a global decline in active oil rigs and ongoing pricing pressure from its customers. The loss reflected $1.25 billion in impairment and restructuring charges related to the adjustment of the carrying value of its onshore pressure pumping business in North America and other assets. The Houston-based oil field services company, which is being acquired by its competitor Halliburton, reported a loss of $2.35 per share during the three-month period ending Dec. 31. That was a reversal from than the profit of...
  • Russia says Saudis proposing global oil production cut

    01/28/2016 10:36:20 AM PST · by Citizen Zed · 19 replies
    Reuters ^ | 1-28-2016 | Darya Korsunskaya and Rania El Gamal
    Russia said on Thursday that OPEC's largest producer Saudi Arabia, had proposed oil production cuts of up to 5 percent in what would be the first global deal in over a decade to help clear a glut of crude and prop up sinking prices. Benchmark Brent futures jumped as much as 8 percent on Thursday to nearly $36 a barrel on news of the potential deal, which if implemented would immediately reduce surplus global output exceeding demand by 1 million barrels per day (bpd). Brent was trading at $34 a barrel at 1540 GMT. A turnaround in oil's fortunes would...
  • Saudi Arabia approaches Russia about oil output cuts, report claims

    01/28/2016 6:49:10 AM PST · by Trumpinator · 11 replies
    digitallook.com ^ | 27 Jan, 2016 17:42 - Updated: 19:48 | Alexander Bueso
    Saudi Arabia approaches Russia about oil output cuts, report claims Alexander Bueso | Sharecast | 27 Jan, 2016 17:42 - Updated: 19:48 Saudi Arabia approached the Russian Federation about possible oil output cuts within the framework of the Organisation for Petroleum Exporting Countries, Transneft chief Nikolai Tokarev said on Wednesday, according to a report from TASS. "Saudi Arabia came forward with the initiative to have a discussion that would include the members of OPEC," Tokarev said following a meeting between oil company executives and the Ministry of Energy. "In particular, we talked about oil prices, the measures everyone should take,...